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Guaranty names investment fund principal to board

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Guaranty Federal Bancshares Inc. (Nasdaq: GFED) chose a principal from Rancho Santa Fe, California-based Castle Creek Capital for its board of directors.

At Castle Creek, Tony Scavuzzo is in charge of evaluating investment opportunities and other services for the firm that specializes in community banks. An employee with the company since 2009, he also is a current board member for multiple other banking institutions, according to a news release.

“Mr. Scavuzzo will be a valuable addition to the board due to his extensive experience with multiple financial institutions as either a director or corporate executive,” Guaranty Bank President and CEO Shaun Burke said in the release.

Scavuzzo said in the release that the board position would allow Castle Creek to grow its “long-term partnership and support of management and the board” as it moves to execute its upcoming goals.

Scavuzzo is one of nine board members for Guaranty listed on its investor relations website.

Guaranty Bank separately announced this morning a “system processing miscalculation” caused the company to misstate its earnings when they were released in January. According to a news release, Guaranty’s revised net income for the year ended Dec. 31 was $5.2 million, compared with the previously reported $5.4 million.

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